Medicare Part B Premiums
For individuals or small groups with employees reaching 65 for Medicare, they should reach out to their agent/broker to best understand their options. Their income can affect their premiums for Part B. Some consumers may receive a letter from the Social Security Administration that looks something like this:
As explained on the Medicare.gov website:
You pay a premium each month for Medicare Part B (Medical Insurance). Most people will pay the standard premium amount. However, if your modified adjusted gross income as reported on your IRS tax return from 2 years ago is above a certain amount, you may pay an Income Related Monthly Adjustment Amount (IRMAA). IRMAA is an extra charge added to your premium.
We look forward to answering any questions you have related to any senior plans. Planning ahead and understanding your options is the best approach. For further details, you can also view the links provided below: